Published 01 December 2017
LondonMetric Property, a UK REIT investing across the UK in retail and convenience retail and long income properties, has acquired two logistics warehouses for £47.6m.
The average lease length is more than 18 years.
At Ollerton in Nottinghamshire, the property firm agreed to acquire a 364,000ft² regional warehouse let to Clipper Logistics on a 20-year lease.
Clipper provides services & specialist knowledge in retail and high-value logistics. The company employs about 4,000 people.
At Speke, LondonMetric purchased a new 132,000ft² regional logistics warehouse let to logistics firm Gefco, on a new 15-year lease.
Gefco has an annual turnover of more than €4bn. The unit is situated nine miles from Liverpool city centre and near to J6 of the M62.
LondonMetric CEO Andrew Jones said: “Following the recent disposals of two short let assets in Daventry and Bolton, we have quickly recycled some of the proceeds into two very long let logistics investments where we will benefit from guaranteed rental growth.
“Ecommerce fulfilment and reverse logistics continue to be an increasingly important element of retailer supply chains. Clipper is a market leader in the ecommerce sector and has strong relationships with a number of the UK’s leading retailers including John Lewis, ASOS and M&S, whilst Gefco is a top 10 logistics integrator in Europe.”
In early October, the company acquired a 40acre Bedford Link site from local authority. The site is located near junction 13 of the M1 and is next to Marsh Leys Business Park.
Image: LondonMetric acquires two warehouses on lease in the UK. Photo: Courtesy of adamr/FreeDigitalPhotos.net.
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